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COINTURK NEWS > Blockchain News > Canto Blockchain Faces Technical Issue Affecting Transactions
Blockchain News

Canto Blockchain Faces Technical Issue Affecting Transactions

In Brief

  • Canto Blockchain faces a serious technical issue halting transactions.

  • CANTO cryptocurrency experienced a significant value drop but showed signs of recovery.

  • Platform's TVL dropped from $200 million to $13.7 million, indicating loss of interest.

COINTURK NEWS
COINTURK NEWS 9 months ago
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Canto Blockchain platform has been facing a serious technical issue since August 10. The blockchain’s transaction processes have halted, causing significant concern among platform users and investors. However, efforts are being made to resolve the issue quickly, and it is expected to be fixed today.

Contents
Cause and Consequences of the InterruptionActivity Decreased and TVL Value Dropped

Cause and Consequences of the Interruption

Canto Blockchain’s interruption is due to consensus issues. Consensus is considered the heart of a blockchain network’s operation, and any disruption can cause the entire network to halt. This is exactly what happened with Canto; the platform stopped all transaction processes. The developer team stated on social media platform X that user funds are safe, which provided some reassurance.

Following the start of the interruption, Canto’s cryptocurrency, CANTO, experienced a significant loss in value. Initially, a 21% drop was recorded, leading to a total loss of 83% since May. However, by the weekend, some of these losses were recovered, and the token began to show signs of recovery. At the time of writing, it was trading at $0.045.

Activity Decreased and TVL Value Dropped

This technical issue with Canto also provides important insights into the platform’s overall performance. On-chain activity has seen a noticeable decline recently. According to DefiLlama data, the platform’s total value locked (TVL) has dropped from over $200 million in March to approximately $13.7 million currently. This decline indicates a loss of interest and confidence among investors and users in the platform.

When Canto launched in August 2022, it garnered significant attention as an innovative platform offering decentralized finance (DeFi) services. It attracted investors with services like lending, staking, and liquidity provision. However, the recent interruption and significant drop in TVL show that the platform has struggled to maintain this interest. These developments raise questions about the future direction of Canto.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 12 August, 2024 - 3:08 pm 12 August, 2024 - 3:08 pm
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